Bristol-Myers Squibb Co (NYSE: BMY) is off to an incredibly strong start in the pre-market hours today, and for good reason. The company not only released its fourth quarter and full year 2017 earnings, but news with regard to a key clinical trial was also released, leading to excitement among investors. Today, we’ll talk about the earnings, the results, what we’re seeing from the stock, and what we’ll be watching for with regard to BMY ahead.
BMY Announces Strong Earnings
As mentioned above, Bristol-Myers Squibb is having an incredibly strong start to the trading session in the pre-market hours this morning after reporting earnings and clinical results. In terms of earnings, Opdivo and Eliquis led to strong results. During the quarter, the company generated revenue in the amount of $5.449 billion. That’s a 4% year-over-year increase from $5.243 billion. In terms of earnings, GAAP Diluted EPS came in at a loss of $1.42 with Non-GAAP Diluted EPS coming in at $0.68. Non-GAAP Diluted EPS came in at 8% growth year-over-year compared to $0.63 per share reported last year. In a statement, Giovanni Caforio, M.D., Chairman and CEO at BMY, had the following to offer:
I am proud of our results in 2017, with sales growth driven by strong commercial performance of our prioritized brands and important scientific advances we are making across our pipeline… Additionally, we believe the exciting results from CheckMate-227 that we announced today are a meaningful step forward for patients with lung cancer. As we begin 2018, I am confident that we are well positioned for long-term growth through our strong commercial and R&D capabilities in bringing transformational medicines to patients with serious diseases.
Strong Clinical Results
In another press release issued by BMY early this morning, the company announced that its Phase 3 CheckMate-227 clinical study met its co-primary endpoint of progression-free survival. In the study, the company is assessing Opdivo in combination with Yervoy when compared to chemotherapy in first-line advanced non-small cell lung cancer patients whose tumors have high tumor mutation burden, regardless of PD-L1 expression. Not only did the study meet its PFS co-primary endpoint, but the safety profile was consistent with previously reported findings in first-line NSCLC for the combination schedule of Opdivo 3mg/kg every two weeks and low dose Yervoy every six weeks. In a statement, Matthew D. Hellman, M.D., Study Investigator and Medical Oncologist at Memorial Sloan Kettering Cancer Center, had the following to offer:
TMB has emerged as an important biomarker for the activity of immunotherapy. For the first time, this Phase 3 study shows superior PFS with first-line combination immunotherapy in a predefined population of NSCLC patients with high TMB… Checkmate-227 showed that TMB is an important, independent predictive biomarker that can identify a population of first-line NSCLC patients who may benefit from the nivolumab plus ipilimumab combination.
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